How to Exit a Position Fast in Trader Workstation
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- Опубликовано: 10 дек 2021
- In this video we went over a method of how to prompt an order to exit a position using the TWS trading software by Interactive Brokers. This method could be used in the case of an emergency to exit a position if an order is skipped or is not being filled. In this video we used a BookTrader and a Quote Monitor to place orders and show the examples. This method also works if you are placing orders with the ChartTrader, for this method you need to configure the keyboard shortcuts in the ChartTrader settings. Based on our testing we determined that the most reliable way to perform these functions is with the Quote Monitor. Always perform testing in a simulated trading environment before applying anything into a live trading environment.
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#tutorial #interactivebrokers #trading
00:01:38 First example
00:03:45 Configuring it
00:04:45 the next step
00:06:21 Second example
00:07:21 Configuring Pt. 2
00:09:06 Third example
00:10:25 Explaining market orders
00:10:57 How to use order conditions
00:13:41 Concluding with a final example
You absolutely have the best content for TWS out there. thank you!!
Glad it can help!
All of your tutorials are masterclass ! Glad to have discovered you through the youtube algo !
Thank you for the kind words! Welcome.
Very informative. Thank you for all the videos on IB and TWS!
You bet!
Thank you!! I´ve just configured now. Nice upgrade.
Glad I could help!
Hi Chris - amazingly well explained. this is gold dust for beginnners on TWS. thank you
Very welcome!
Very helpful video, keep it coming!
Thanks, will do!
Always great helpful videos, thanks!
I'm glad they can help.
Great content! Thanks for posting it!
You bet!
Thank you for your videos which helped me a lot.
You’re welcome
You can Close position with Market order directly with 1 button. Set your Primary order in the presets to MKT. It will close your position with MKT directly.
Thanks for sharing.
Thanks, Chris. Really good as usual. I think it's something that people just need to test, to see what works best for them and the way they trade. Buying AAPL, I think traders are just fine with buying/selling the current ask/bid. Traders playing a gappers MOMO strategy, or trading halt resumptions could get absolutely killed using a sell limit order, though. Just this Friday, a stock that was forming a nice premarket chart into the open, and on the WL of most such traders, flushed hard after very briefly moving about the premarket closing bar. It fell 3 points (25 dollar stock) in less than one minute. Without that "change to market order" key you mentioned, a trader would have been trapped all the way down. Thanks again, for another great video.
Yes essentially this don't work for day traders. Good video though
Thanks for sharing and for the kind words.
very helpful ^^thank you for the efforts
Glad it was helpful!
That's what I need! thanks
Awesome
Hi Chris, really appreciates your clear explanation on how to trade via IBKR TWS. I have been using Tastworks & TOS (TD Ameritrade) desktop version which is quite easy and trying to consolidate all my trade with IBKR hence exploring TWS. Couple of question if you don't mind:-
1) Do you find the desktop version more useful / easy versus their web version? I actually find the web version less complicated
2) Any videos from you on how to use the TWS options platform (apart from the hot keys) ? Especially step by step on how to Open and Close Trade in TWS
In Tastyworks basically, you just right click or drag the leg but for TWS seems to be some steps. Anyway thanks for your effort to share, great job. Cheers
Hi Chris, Nice video & I've got ctrl shift x, c and v set to exit position, change to market, validate entry (my mnemonic).
But, with the right bracket order settings, you can just move the orders as required. Close position isn't needed.
I was watching your colleague's bracket order video and thinking about it caused me to do an experiment. I unticked "Apply Offset to Parent". The downside is that a messy parent fill might result in your stop & target being a little out. But the upsides are huge: you can now adjust the attached orders independently both before and after the parent fill. And once the parent order fills you can drag & drop the stop & target on a chart without confirmation.
I am glad you figured out a method that worked for you. Thank you for sharing.
Was there a way to close all options orders with one button in the hotkey? I watched the video but not sure if I missed it.
And I only found a "Close All Positions" in the hotkey tabs, but it still warns you with settings anytime its hotkey is triggered.
is it possible to use a macro to perform all those steps instead of pressing like 3 buttons?
hi
I was creating hot buttons for example for nvda then i want trade penny stock i going change size, it is some way to put dollar amount on trade ?
Hi, I have a scalping strategy that i sould get in and get out fast (with spx options) is market orders are safe in normal market conditions, can get me in and out immediately?
Thank you ..
Glad it could help.
Thanks!
Welcome!
Thanks
Welcome
Thank you
My pleasure
Hi Chris, is there any way to configure TWS so that it is possible to drag an attached stop order above the entry price in order to lock in profits when the trade is moving in your direction? (This is for situations when you enter a trade with a bracket order with attached stop loss). Exiting with a market order means you could miss out on additional profits.
You could try a trailing stop or an adjustable stop. I covered the adjustable stop in this video. ruclips.net/video/RYykmLiGbMU/видео.html
Hi Chris, really appreciates all your videos! Is there a way to default the limit quantity on order to the amount I have in position? If i have 2 calls of a given options, I want to default to that quantity on the BookTrader...currently have to manually keep adjusting. Thank you!
There is a way to do this when configuring a hotkey. For the order quantity if you choose 'Available' then it should set the order to your position quantity.
@@VerrilloTrading strange when i tried that setting it was putting a much larger amount than i had…i will have to try it again. Thank you!
Hi ! Can you please make a video about how to use the adjustable stop in the presets / TWS ? And the scale function of take profit? okay, i wish you a nice weekend !!
Hi, I covered those in this video. ruclips.net/video/crh1W5-HUJg/видео.html
@@VerrilloTrading there i saw you talking about changing manually the stops. okay. but i am interested to know more about the automatic adjustable stop, which i can configure in the presets of any instrument. And also about the scale function of take profit in the presets. but anyway, have a good time !
In said video I can see what the booktrader is, a graph, the chain of options, the price history of the day, on the other hand, I don't know what the central window at the bottom is. Could you tell me what kind of tool is where you see a header that says RUclips? Thanks, best regard.
This window is called a Quote Monitor and it is probably my favorite tool in the TWS program. I did an older video on it here: ruclips.net/video/ABE1VTpMn-8/видео.html and another one here: ruclips.net/video/3ZzmaOaXPwo/видео.html
Are you on the east coast? Your level 2 update rate seems much faster than my experience with ToS, Das Trader demo and Webull desktop. It looks like Ross's level 2 from Warrior Trading who is on the east coast. I'm kinda wondering if that is the reason and its hopeless to expect those speeds on the west coast where i'm at.
That is hard to say. There could be other reasons for your lag that are not related to your location. It is most likely hardware related or an issue with the quality of your internet connectivity. It is impossible to troubleshoot everything over a comment like this but some food for thought.
if i have a position in a stock but have open limit buy orders (say 15 or 20 of them). however, my position is now green and i want to immediately exit the position, when i try to put a market sell order with my full position, i get an error saying cannot have both buy and sell orders. then i need to go and manually delete all the earlier buy orders before i can place the sell order. by the time i complete deleting all the buy orders, my green position may turn red. if there a quick way to overcome this?
There is a function in TWS called Close Position, did you see if this function works for your situation or do you still get that error about orders on both sides of the market?
Thanks for sharing.
Your IB DOM does not look like mine. I also have Size columns.
Also, I CAN drag attached orders.
PS Do you use Sierra's DOM with IB
PPS I tried to add a snapshot but YT does not let you.
See if I can add it to reply section.
docs.google.com/document/d/1400547WJUw8_eFuL7cVOkpQG3pvGNkChXE2y5M2idK0/edit?usp=sharing
I can use a Sierra chart DOM with IBKR, it would be better for trade management and various other things. Thanks for sharing.
Verrillo how did you add the dom for options, do you have a video for that???
You can add a Booktrader in TWS then link it to your quote monitor or watch list then drag the symbols in from options chain and when you click on them it should put the options contract on the dom.
You look a little bit tired or irritated on this vid, Chris. Kudos to you and all the best. Good content as always, nonetheless!
Thanks dude!
Whats the difference between the chart trader hotkeys and the configuration hotkeys?
The chart trader hotkeys will only work when using the chart trader and the general hotkeys can work in most of the windows in TWS. There is no documentation I have found that says exactly when to use either one. If you configure a hotkey in the general configuration, it may still work with the chart trader. I would use the general configuration first and if those don't work then try to program them into the chart trader hotkeys or whichever window you are using that supports hotkeys. I would use chart trader hotkeys if I was only planning to trade from the chart trader.
Do you know how to change the background color in BookTrader?
Start by selecting File > Global configuration > Trading tools > Booktrader > Booktrader colors. The color options are in that sub menu, including the backgrounds.
Is there a way to close position with a stop. Sometimes I buy for example 10 NVDA shares with a stop and target. But when I sell 5 shares of it. The remaining 5 shares go to my portfolio. I then cant close the position with a stop
By the way you wrote this we can tell you require more experience learning about and testing these orders in a simulated trading environment. The answer is yes a stop order can close your position, but you need to clearly understand the mechanics of how a stop order works first. It is hard over a RUclips comment to address this but that is why we make tutorials. We had an older video on how to use stop order types, here is the link. ruclips.net/video/crh1W5-HUJg/видео.html
@@VerrilloTrading Thank you I will do. Do you know how I can practise on IBKR paper account in the weekends. Because I cant buy anything.
hello how can i use the system to close all positions automatically at the close of the market just to avoid overnight trading thanks
I don't think this feature is directly supported, you would have to think about how to accomplish it. Maybe with a conditional order. Are you concerned about this due to time zone issues? The best and easiest option would be to flatten the trades by hand yourself.
Thank you too much i appreciate that
Hey Verrillo, I do it with only just 1 button. I built a button with 2 shortcuts
Thanks for sharing!
Why the heck doesn't TWS have something similar to TDA or Webull with their Active Trader window. I wonder if it is some legal/IP restriction or just the fact that TWS is Legacy software and IBKR cant/wont implement it. Also, you not being able to move your automated SL and TP after they are placed is bullshit.
How much commission do you pay for each contract?
IBKR displays their commission structure on their website. www.InteractiveBrokers.com/mkt/?src=verrilloy4&url=%2Fen%2Findex.php%3Ff%3D1338
You gotta be from montreal
Why would you say that?
@@VerrilloTrading thought that was the accent
In short: TWS is awful.
It is not awful actually it has some very advanced features. It is just not so well organized, and user-friendly.
Hey Verrillo, I have a question about the minimum annual income requirement on IBKR. Could I ask you via email??
Yes